Paying off an IVA

leabutler

Hi I am new here and somewhat distress to be honest!

I have an IVA (I am 30 months into a 60 month plan) 

I have been paying £172 all this time and now after my review they want me to pay £555 per month. 

I cannot afford this - it seems to be based on my partners income. Which isn’t going down well at home as you can imagine. None the less looking at all the joint expenses we still cannot afford such a jump in payment . The customer service rep is not At all helpful. I am in getting more and more distressed.

I have 2 questions:

1- should I be able to speak with the actual IVA practitioner to present my case ?

2 if I can ask a family member to help does anyone know what I should offer to pay back the remainder? 

Thanks any help gratefully received 

flipflopflo

How much is left to pay?

Do you rent or have a mortgage?

Who did you take advice off about your debts?

sourcrates

leabutler said:

Hi I am new here and somewhat distress to be honest!

I have an IVA (I am 30 months into a 60 month plan) 

I have been paying £172 all this time and now after my review they want me to pay £555 per month. 

I cannot afford this - it seems to be based on my partners income. Which isn’t going down well at home as you can imagine. None the less looking at all the joint expenses we still cannot afford such a jump in payment . The customer service rep is not At all helpful. I am in getting more and more distressed.

I have 2 questions:

1- should I be able to speak with the actual IVA practitioner to present my case ?

2 if I can ask a family member to help does anyone know what I should offer to pay back the remainder? 

Thanks any help gratefully received 

You won`t get to speak to the actual IP, that`s why they have lackies to do the dirty work for them, and I would not look to be settling any of these debt`s whilst your IVA is still current either.

Its important you do things in the right order, firstly, you are 30 months in, you don`t really want to waste that, I would start by sending a formal written complaint to your IP, tell them why you are unhappy, that the increase they expect you to pay is not affordable, and to re-think it immediately, based on your actual budget, which I suspect is where you have been selling yourself short.

They have 8 weeks to issue you with a final response, and if you remain unhappy, you can then escalate the matter, see here -

Complain about an insolvency practitioner - GOV.UK (www.gov.uk)

Try this approach first, hopefully it will work itself out, if not, then you can just stop paying, it takes about a year all told for an IVA to properly fail, and eventually your creditors will start writing to you again, at this point you can either make payment arrangements or settlement offers, whatever you are most comfortable with, so there is a way out of this, but let the complaints process do its thing first.

leabutler

Thanks so much for your response.

I have informed them it’s not realistic and sent over in-depth spreadsheets but I haven’t done it as a formal complaint. So that’s the next step then 

I am so worried they are going to take £555 out on the first of August. 

sourcrates

leabutler said:

Thanks so much for your response.

I have informed them it’s not realistic and sent over in-depth spreadsheets but I haven’t done it as a formal complaint. So that’s the next step then 

I am so worried they are going to take £555 out on the first of August. 

You may need to take steps to ensure that does not happen, if its by DD, cancel it until the matter is resolved.

Pay your usual payment by another method, as they will take it otherwise, you must be pro-active here.